The latest figures are part of the IMF’s outlook for the global economy which comes less than a month after the U.K.’s vote to leave the European Union.

The IMF said the unexpected outcome has caused substantial economic and political uncertainty, which would hurt growth, particularly in advanced European economies.

It predicts global growth at 3.1% in 2016, down 0.1 percentage point from its forecast in April.

That projection, however, assumes the U.K. and the European Union will be able to reset trade ties in way that avoid significant economic barriers.

Growth could be significantly weaker if that doesn’t happen.

“In India, economic activity remains buoyant, but the growth forecast for 2016-17 was trimmed slightly, reflecting a more sluggish investment recovery,” it said.

Although growth in Asia’s third-largest economy is officially faster than in any other large economy, its impressive numbers are partly thanks to an overhaul last year in the way the country measures the change in gross domestic product.

Other data show domestic investment remains weak as the government struggles to push through big policy changes in Parliament and exports decline.

There is optimism, though, that stronger demand thanks to a once-in-a-decade pay increase for about 10 million government workers and higher rural income on the back of increased rainfall this year will drive an economic recovery.

That was reflected in an upgrade of India’s growth projection by Fitch Ratings earlier this week.

The rating firm now expects India’s economy to grow 7.7% in the year started April 1 and 7.9% next fiscal year, accelerating from the 7.6% expansion last year.

“At the same time, weak private investment indicates that the economy is still not firing on all cylinders,” it said.

India’s growth prospects still stand out among large emerging economies.

China, for instance, is predicted to grow 6.6% in 2016. Although that’s marginally stronger than IMF’s April forecast of 6.5%, its growth is expected to slow to 6.2% in 2017.

The economies of Brazil and Russia are expected to contract in 2016, according to the IMF.